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A proxy firm (also a proxy advisor, proxy adviser, proxy voting agency, vote service provider or shareholder voting research provider or proxy voting advisory businesses (PVABs)) provides services to shareholders (in most cases an institutional investor of some type) to vote their shares at shareholder meetings of, usually, listed companies.
Glass, Lewis & Co. (Glass Lewis) [2] is a major American proxy advisory services company. As of spring 2019, Glass Lewis controlled 28% of the proxy advisory market for mutual funds; this makes it the second-largest company in the market behind Institutional Shareholder Services.
Institutional Shareholder Services Inc. (ISS) is an American proxy advisory firm. Hedge funds, mutual funds and similar organizations that own shares of multiple companies pay ISS to advise (and often vote their shares) regarding share holder votes.
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The proxy voting rules were relaxed further, and in 1969, official figures recorded 19,287 votes cast by proxy, about 7% of the total votes cast (an increase from 2.5% in 1964 to 1968). [36] Amidst allegations of fraud, more restrictions were placed on proxy voting in 1973; in that year, about 10,000 votes were cast by proxy.
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Non-promoter shareholders in Ambuja Cements raised concerns regarding the deal, [19] and following the outcry, Holcim decided to do a call with the Indian proxy advisory firms to explain the transaction. This was, arguably, the first time that an MNC directly engaged with Indian proxy advisory services. [20]
Due to their out-sized influence with many institutional investors, proxy advisors play a key role in many proxy fights. In many cases, the proxy firms end up determining the result of the contest. [7] The Securities Exchange Act of 1934 also gave the Securities and Exchange Commission (SEC) the power to regulate the solicitation of proxies.